SA Signs Deals with China Worth $6.5 Billion

PRETORIA – During the visit of Chinese President Xi Jinping to South Africa for the China-Africa summit this week, the two countries signed 26 agreements worth R94 billion ($6.5 billion) on Wednesday, the South African government announced.

Xi arrived in South Africa on Wednesday from Zimbabwe, ahead of the Forum on China-Africa Cooperation (FOCAC) summit in Johannesburg.

The agreements, which were also signed by President Jacob Zuma at the Union Buildings, included major projects such as locomotive procurement, investment in renewable energy and investment in industrial parks, as well as promotion of trade, the government said in a statement.

Eskom signed a loan agreement with the China Development Bank Corporation for $500 million, while Transnet signed a cooperation agreement with China’s Export Credit Insurance Corporation to finance activities such as railway, ports and pipelines to the tune of $.2.5 billion.

In the private sector, Standard Bank and the Industrial and Commercial Bank of China signed an agreement worth R10 billion ($700 million) over five years, which will focus on infrastructure and power. Investec and the Export-Import Bank of China signed a cooperation agreement to enhance trade and economic cooperation, the government said.

Partly sourced from sanews.gov.za